Famed Queens Film Studio Expands

ELMO: Hi everybody, I'm so excited for Elmo's neighborhood Sesame Street to grow.

REPORTER: Sesame Street's Elmo yesterday helped Mayor Bloomberg break ground on a 40,000-foot expansion of the Kaufman Astoria Studios in Queens. City and state officials say a 35 percent tax credit for film shoots has generated a billion dollars in proposed productions since the credit became law in April, twice the volume of the previous six months.

The mayor says the growing industry will help offset losses from the financial sector, and is good P.R. for the city. Kaufman Astoria Studios has hosted productions from "the Cosby Show" and "Bourne Ultimatum," to "Life on Mars" and, of course, "Sesame Street."